Gangotri Textiles approves allotment of shares to SBI

Gangotri Textiles Ltd has announced that the Board of Directors of the Company at its meeting held on May 07, 2009, inter alia, has approved the co-option of Sri. A S Ravichandran and Sri. Ullash Sanghavi as Additional Directors.

The Board approved allotment of 70,0O,000, 6.5 % Redeemable Cumulative Preference Shares of Rs 100/- each to M/s. State Bank of India towards conversion of loan outstanding in terms of the a Corporate Debt Restructuring Scheme.

The allotment of the following Equity Shares has been deferred in view of the Company not obtained in-principal for listing of the shares from the Stock Exchanges.

(a) 67,84,261 Equity Shares of Rs 5/- each @ Rs 7.37 per share to M/s. State Bank of India, towards conversion of loan outstanding.

(b) 97,69,335 Equity Shares of Rs 5/- each @ Rs 7.37 per share to Mrs. Anita Tibrewal towards conversion of Un-secured loan.

The stock closed the day at Rs.4.50, up by Rs.0.38 or 9.22%. The stock hit an intraday high of Rs.4.90 and low of Rs.4.10.

The total traded quantity was 10378 compared to 2 week average of 3042.

Source : Equity Bulls

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